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Fair Value Measurements
 9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Fair Value Measurements

8. Fair Value Measurements

 

The fair value of the Company’s financial instruments reflects the amounts that the Company estimates it will receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels:

 

Level 1 - Quoted prices in active markets for identical assets and liabilities.

 

Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. This category generally includes U.S. Government and agency securities; municipal securities; mutual funds and securities sold and not yet settled.

 

Level 3 - Unobservable inputs.

 

The substantial majority of the Company’s financial instruments are valued using observable input. The following table sets forth the fair value of the financial instruments re-measured by the Company as of September 30, 2017 and December 31, 2016:

 

    Level 1     Level 2     Level 3     Total  
September 30, 2017                                
Corporate bonds and notes   $ —     $ 14,459     $ —     $ 14,459  
Municipal bonds     —       5,974       —       5,974  
Total   $ —     $ 20,433     $ —     $ 20,433  

 

    Level 1   Level 2   Level 3   Total
December 31, 2016                                
Corporate bonds and notes   $ —     $ 19,970     $ —     $ 19,970  
Municipal bonds     —       6,425       —       6,425  
Total   $ —     $ 26,395     $ —     $ 26,395